Graduate School MA in Economics at U Waterloo

Ana Ferrer*Associate Chair, Graduate Studies

University of Waterloo

2015 - 2016

Should I go to Graduate School?

• If you have the marks - an MA in Economics makes a lot of sense.

• Significantly higher earnings ($45,000-$80,000) relative to an undergraduate honour’s degree in economics

• Greater responsibility and more interesting work

• Relatively low opportunity costs. Most MA programs consist of 8 months of coursework and funding is available.

• There are, of course, costs. Be certain that you want to pursue economics as a profession. Switching careers with an undergraduate degree is definitely easier.

Should I do it?

• Graduate programs offer many possibilities to apply your degree in the public or private sectors as policy advisors, research economists, or consultants.

• Crown corporation (Ontario Hydro) responsible for designing tariffs aimed at more efficient electricity consumption

• Statistics Canada develop research necessary to inform and support public policies in other government department

• Financial institutions and insurance companies forecasts of the economy, interest rates, and market outlooks

• Use as a stepping stone to further education

The MA as a step towards further education

• The PhD option. If you are passionate about economics and doing research this might be for you. However, unlike the MA, there are significant opportunity costs in terms of lost income.

• Job-wise, there are opportunities in the private and public sector. Getting an academic job is not impossible, however, it is relatively difficult

• Most U.S. universities do not offer a separate Master’s degree in economics.

• Do not apply directly to a PhD program in the U.S. First do a Master’s at a reputable Canadian school and learn whether you want to commit to a PhD.

• If you want to do an MBA – then do not do an MA!

Examples of Waterloo MA Graduates

Rob Nicholson (2004) is the Executive Assistant and Special Policy Advisor to the Assistant Deputy Minister and Chief Economist of the Office of Economic Policy at the Ontario Ministry of Finance. He provides advice and analysis on issues impacting Ontario’s economy.

Shan Chen (2013) is a manager at the Royal Bank of Canada (Enterprise Model Risk Management).

Samantha St. Amand (2013) is a research associate at the Centre for International Governance Innovation, Global Economy Program.

Where to go?

Each department has strengths in specific fields. Do your research and find out what would be the best fit for you.o Top schools (UBC, Toronto, Queens, Western) are pretty theory oriented –

which may not be a good fit if you’re interested in policy and applied theory. Go to the top schools if you think there’s a slight chance that you may want to do a PhD.

o McMaster is very strong in health and public economics. They also offer a Master’s in Economic Policy, meant for people who are sure they want to go into policy.

o Calgary, and Alberta have strengths in natural resources. Calgary is also unique in its offerings of behavioral and experimental economics.

o Guelph, Brock and Laurier offer a master’s of business economics/ MA in economics with Finance specialization. So if you’re interested in a hybrid MA/MBA – that might be a good fit.

o Carleton and Ottawa have the advantage of being in Ottawa - easy to apply to federal jobs! They are also established programs with good course offerings.

o Dalhousie and McGill are strong in development economics.

Also, …

You may be interested in economics and public policy, with less technical orientation than a pure Master’s in Economics.

o Queens, Calgary, Ottawa, Carleton and the University of Regina all have policy programs, with Carleton’s being particularly well known. Calgary is a full cost recovery (much higher tuition) program.

o Waterloo has the Master’s in Public Service which is also cost-recovery.

o Toronto and Waterloo have a Master’s in Governance and Policy which is also cost recovery.

MA in Economics at Waterloo

1. Regular MA - Coursework (8 months). Core courses in micro, macro, and econometrics. Taking a research methodology and an applied micro or macro econometrics course are pre-requisites. So students then have 3 Electives.

Year 1 - fall Year 1 - winter

Academic integrity workshop

Research Methodology

Math-camp Applied Microeconometrics 1, or macroeconometrics 1

Micro theory 1Two ECON electives:

Public Economics, Labour Economics, Financial Economics, Environmental and Natural Resource Economics

Macro theory 1

Econometrics 1

One ECON elective

MA in Economics at U Waterloo

2. Research paper option – Same core courses but switch one elective for a Major Research paper. This option takes 4 months longer.

Year 1 - fall Year 1 - winter Year 2 - fall

Academic integrity workshop

Research methodology Research paper

Math-camp Applied microeconometrics 1,

or macroeconometrics 1

Micro theory 1

One ECON electiveMacro theory 1

Econometrics 1

One ECON elective

MA in Economics at Waterloo

3. Co-op Option – Same core courses but add 2 terms co0op work plus 1 term knowledge integration

Year 1 - fall Year 1 - winter Year 1 - spring

Academic integrity Research methodology

Co-op placement

Math-camp Applied microeconometrics, or macroeconometrics

Micro theory 1

Two ECON electiveMacro theory 1

Econometrics 1

One ECON elective

Year 2 - fall Year 2 - winter

Co-op placement Co-op: Knowledge Integration

Why is it designed that way?

• Theory courses will provide you with the analytical tools of the trade. Do not be fooled by the math content, these courses really teach you how to think like an economist.

• Econometrics courses teach you how economists measure the world around them. These are technical skills that you can apply to a variety of job environments.

• Applied courses (electives and econometric applications) will give you the institutional background you need for this. Here you pair econometrics and economic theory to design research and analyze results.

Admission Requirements to Waterloo

• Honours bachelor’s degree in economics.

• Strong preparation in economics and mathematics:

• advanced microeconomics

• advanced macroeconomics

• advanced econometrics

• mathematical economics; as an equivalent two terms of calculus and one of linear algebra are even better!

• Two academic letters of reference

Money matters

• In 2015-2016, the average financial support package is $12,000 per year for MA students and $22,000 per year for PhD students (4 years).

• Current Tuition Fees (similar for MA and PhD)

• Canadians and Permanent Residents $2,850 /term

• International Students $6,875 / term

• International Doctoral Student Award (IDSA) $3,760/term.

• International MA Student Award (IMSA), $1,880/term

How Does the Waterloo Program compare to other programs?

We offer a well-established MA degree in economics with a Co-op option (one of the very few MA co-op in Economics)

• 90% find employment within the year

• Most co-op positions translate into permanent jobs

• Strong ties with many departments in the Government of Ontario and Canada

Our MA program is also a stepping stone for further education. MA graduates have gone on to pursue PhDs at the University of Western Ontario, University of Toronto, McMaster University, Queen’s University, and Australian National University.

How Does the Waterloo Program compare to other programs?

Intimate and collegial learning environment - Lets us identify problems and address them quickly

As an example, international students faced a challenge in getting co-op employment. We identified this problem and started offering soft-skills workshops to address the problem.

The initiative was a success and is now implemented in our program!

How Does the Waterloo Program compare to other programs?

To increase job placement, the department offers soft-skills training to all MAs: workshops, mock interviews, career advice, and network opportunities with alumni.

A very successful initiative!

• February 1 application deadlineAdmission is only for September of each

year

• Complete your application on-line at:

http://economics.uwaterloo.ca/grad/grad-apply.html